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4-Traders Homepage  >  Equities  >  TEL AVIV STOCK EXCHANGE  >  Bank Leumi Le Israel BM    LUMI   IL0006046119

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Bank Leumi le-Israel Ltd. : Leumi launches the "Leumi Business Fund", Israel's largest fund for small and medium businesses - totaling NIS 3 billion

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05/07/2013 | 03:25pm CET
Leumi launches the "Leumi Business Fund", Israel's largest fund for small and medium businesses - totaling NIS 3 billion
Bank Leumi announced today the launch of 'Leumi Business Fund' totaling NIS 3 billion - with preferred terms, fast approval track and without unnecessary red tape

The fund is fully owned by Leumi, with no government guarantees. This fact enables customers

the fastest approval track that exists in the system today - within 14 days only.

The Fund is intended for business owners, who are customers of all bank: it grants loans on attractive terms, with a collateral requirement of only 25%. The loans are granted for amounts from NIS 300,000 to NIS 1 million, at an interest rate of Prime + 1.9% per year, with a repayment period of up to five years and an option to defer payments (Grace) for up to one year. The loan process is carried out through an external credit committee (the customer selects one of five companies) and is submitted to the branch for approval. The Fund is intended for small businesses, corporations and licensed dealers, with a turnover of between NIS 1 million and NIS 10 million a year, and a bank indebtedness of up to NIS 5 million. The Fund is primarily intended for businesses with at least one year of existence - but in special cases businesses in the set-up stage may also apply.

Rakefet Russak Aminoach, Leumi President  & CEO: "The launching of 'Leumi Business Fund' is in accordance with Leumi's view that SME's are the core of the economy and its key growth engine. The Fund, totaling NIS 3 billion, will allow credit to be granted on a fast track and at preferential terms. We believe that this move - in addition to its contribution to customers - will also contribute to the entire Israeli economy by encouraging growth and increasing competitiveness."

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Financials ( ILS)
Sales 2016 12 590 M
EBIT 2016 3 860 M
Net income 2016 2 688 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 8,51
P/E ratio 2017 8,25
Capi. / Sales 2016 1,88x
Capi. / Sales 2017 1,75x
Capitalization 23 657 M
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 15,9  ILS
Spread / Average Target 2,4%
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Managers
NameTitle
Rakefet Russak-Aminoach President & Chief Executive Officer
David Brodet Executive Chairman
Ronald M. Fainaro Executive Vice President & Head-Finance Division
Nurit Segal Director
Zvi Stern Independent External Director
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